The Hindu : Andhra Pradesh News : CITU suggests ways to overcome recession

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Tuesday, Jan 06, 2009
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Andhra Pradesh

Andhra Pradesh

CITU suggests ways to overcome recession

Correspondent

‘Slowdown hits middle income investors badly’

Sixth district convention of CITU held
Convention adopts 15 resolutions

VIZIANAGARAM: Stiff resistance offered by Left parties to the UPA Government at the Centre saved India from going the US way that has been passing through severe economic recession, claimed S. Punyavathi, State vice-president of CITU. At a press conference here on Monday, Ms. Punyavathi, who was here to participate in the 6th district convention of CITU, said ups and downs in stock market due to slump in US financial sector the middle class investors were badly hit. The declining trend in markets had a direct bearing on the industrial sector and indirectly on the unorganised workers particularly on real estate and construction. To overcome the situation, the government must on its own take up execution of various works like roads in rural areas, construction of anganwadi and school buildings that are lacking in many villages, she suggested. This would automatically help manufacturing industries from closure and also put a check on retrenchments. In the absence of such measures, the ferro alloys industries in the district that supply ferro chrome to steel plants are already hit. She said the Rs.30,000 crore package announced for the industries must be made available to public as the money after all belongs to the people.

Privatisation

The US speculation on banking sector was a lesson that India must learn and stop privatisation move of banks and insurance sector, she asserted and added that the CITU would oppose all such anti-people measures of the government.

T.V. Ramana, district CITU secretary, who was present, said the district convention adopted 15 resolutions with the thrust on settlement of gratuity of Nellimarla jute mill workers, who are on strike for the last 110 days, honour the agreement that the Hoogly Jute Mills entered into with badli workers and also extend ESI facility to jute workers at Salur.

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